Commercial Companies Law

Article 120 — Article (120) Overvaluation of In-kind contributions

Part Four: Public Joint Stock Companies · Chapter One: Definition and Incorporation of the Public Joint Company and its

1. If the SCA is convinced that there is any overvaluation or negligence in the valuation of in-kind contributions by the valuator, the SCA may: a. Prevent the valuator from carrying out valuation activities for the SCA for a period of at least two years. b. Permanently prevent the valuator from carrying out valuation activities for the SCA in case of repeated violation. 2. The valuator may file a grievance against the SCA's decision with the chairman of the SCA within fifteen [15] business days of receiving notice of either of the two decisions mentioned in Clause [1] of this Article. If the chairman of the SCA dismisses the grievance or fails to make a decision thereon within fifteen [15] business days after being filed, the valuator may appeal the same before the competent court within thirty [30] business days of the date on which the grievance is dismissed or of the expiry date of the time limit set for issuing a decision on the grievance, as the case may be.

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